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Leases These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (See Note 18. Pension and Postretirement Benefits for additional details). Refer to Note 11. 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Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 10-Q

 


 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

Commission File Number: 001-34480

 


VERISK ANALYTICS, INC.

(Exact name of registrant as specified in its charter)

 


Delaware

26-2994223

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

  

545 Washington Boulevard

 

Jersey City

 

NJ

07310-1686

(Address of principal executive offices)

(Zip Code)

 

(201) 469-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange where registered

Common Stock $.001 par value

VRSK

NASDAQ Global Select Market

 


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

       

Non-accelerated filer

 

 

Smaller reporting company

 

       
    

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒

 

As of  October 27, 2023, there were 144,986,558 shares outstanding of the registrant's Common Stock, par value $.001.

 



 

 

 

 
 

Verisk Analytics, Inc.

Index to Form 10-Q

 

Table of Contents

 

 

 

Page Number

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

 

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Operations

2

Condensed Consolidated Statements of Comprehensive Income (Loss)

3

Condensed Consolidated Statements of Changes in Stockholders’ Equity

4

Condensed Consolidated Statements of Cash Flows

6

Notes to Condensed Consolidated Financial Statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3. Quantitative and Qualitative Disclosures About Market Risk

47

Item 4. Controls and Procedures

47

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

48

Item 1A. Risk Factors

48

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

48

Item 3. Defaults Upon Senior Securities

48

Item 4. Mine Safety Disclosures

48

Item 5. Other Information

48

Item 6. Exhibits

48

SIGNATURES

50

Exhibit 31.1

 

Exhibit 31.2

 

Exhibit 32.1

 

 

 

 

 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

  

September 30, 2023

  

December 31, 2022

 
  

(in millions, except for share and per share data)

 

ASSETS

 

Current assets:

        

Cash and cash equivalents

 $416.8  $112.5 

Accounts receivable, net of allowance for doubtful accounts of $16.1 and $14.3, respectively

  353.4   290.1 

Prepaid expenses

  89.8   83.7 

Income taxes receivable

  16.6   44.2 

Other current assets

  51.6   32.0 

Current assets held-for-sale

     362.6 

Total current assets

  928.2   925.1 

Noncurrent assets:

        

Fixed assets, net

  611.7   541.5 

Operating lease right-of-use assets, net

  190.8   182.0 

Intangible assets, net

  481.5   504.8 

Goodwill

  1,731.8   1,676.0 

Deferred income tax assets

  32.0   31.7 

Other noncurrent assets

  387.9   371.4 

Noncurrent assets held-for-sale

     2,728.6 

Total assets

 $4,363.9  $6,961.1 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

        

Accounts payable and accrued liabilities

 $300.9  $292.8 

Short-term debt and current portion of long-term debt

  12.4   1,392.9 

Deferred revenues

  423.8   321.7 

Operating lease liabilities

  43.9   29.5 

Income taxes payable

  3.1    

Current liabilities held-for-sale

     282.3 

Total current liabilities

  784.1   2,319.2 

Noncurrent liabilities:

        

Long-term debt

  2,854.4   2,343.2 

Deferred income tax liabilities

  129.2   145.6 

Operating lease liabilities

  184.6   189.9 

Other noncurrent liabilities

  16.4   17.9 

Noncurrent liabilities held-for-sale

     177.6 

Total liabilities

  3,968.7   5,193.4 

Commitments and contingencies (Note 16)

          

Stockholders’ equity:

        

Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 144,965,254 and 154,701,136 shares outstanding, respectively

  0.1   0.1 

Additional paid-in capital

  2,396.2   2,720.8 

Treasury stock, at cost, 399,037,784 and 389,301,902 shares, respectively

  (8,319.4)  (6,239.5)

Retained earnings

  6,291.8   5,999.1 

Accumulated other comprehensive income (loss)

  15.8   (731.2)

Total Verisk stockholders' equity

  384.5   1,749.3 

Noncontrolling interests

  10.7   18.4 

Total stockholders’ equity

  395.2   1,767.7 

Total liabilities and stockholders’ equity

 $4,363.9  $6,961.1 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

1

 

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2023

  

2022

  

2023

  

2022

 
  

(in millions, except for share and per share data)

 

Revenues

 $677.6  $610.1  $2,004.2  $1,866.5 

Operating expenses (income):

                

Cost of revenues (exclusive of items shown separately below)

  217.2   195.2   650.3   619.4 

Selling, general and administrative

  111.6   96.5   277.4   300.7 

Depreciation and amortization of fixed assets

  48.1   41.5   139.2   121.1 

Amortization of intangible assets

  19.6   18.0   56.1   57.5 

Other operating loss (income), net

     5.3      (356.2)

Total operating expenses, net

  396.5   356.5   1,123.0   742.5 

Operating income

  281.1   253.6   881.2   1,124.0 

Other expense:

                

Investment loss

  (2.0)  (0.6)  (9.3)  (3.4)

Interest expense, net

  (29.4)  (34.4)  (87.4)  (97.6)

Total other expense, net

  (31.4)  (35.0)  (96.7)  (101.0)

Income from continuing operations before income taxes

  249.7   218.6   784.5   1,023.0 

Provision for income taxes

  (62.3)  (52.8)  (198.4)  (196.6)

Income from continuing operations

  187.4   165.8   586.1   826.4 

Income (loss) from discontinued operations net of tax expense of $0.0, $(2.9), $(0.2), and $(8.3), respectively (Note 7)

     23.7   (145.5)  66.7 

Net income

  187.4   189.5   440.6   893.1 

Less: Net income attributable to noncontrolling interests

     (0.1)     (0.3)

Net income attributable to Verisk

 $187.4  $189.4  $440.6  $892.8 

Basic net income per share attributable to Verisk:

                

Income from continuing operations

 $1.29  $1.06  $3.98  $5.21 

Income (loss) from discontinued operations

     0.15   (0.99)  0.42 

Basic net income per share attributable to Verisk:

 $1.29  $1.21  $2.99  $5.63 

Diluted net income per share attributable to Verisk:

                

Income from continuing operations

 $1.29  $1.05  $3.96  $5.18 

Income (loss) from discontinued operations

     0.15   (0.98)  0.41 

Diluted net income per share attributable to Verisk:

 $1.29  $1.20  $2.98  $5.59 

Weighted-average shares outstanding:

                

Basic

  145,011,020   156,940,608   147,292,590   158,531,439 

Diluted

  145,742,519   157,978,606   147,983,986   159,580,262 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2

 

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
      2023       2022       2023       2022  
                                 

Net income

  $ 187.4     $ 189.5     $ 440.6     $ 893.1  

Other comprehensive income (loss), net of tax:

                               

Foreign currency translation adjustment

    (31.8 )     (234.2 )     743.4       (525.5 )

Pension and postretirement liability adjustment

    0.8       0.3       2.4       1.3  

Total other comprehensive (loss) income

    (31.0 )     (233.9 )     745.8       (524.2 )

Comprehensive income (loss)

    156.4       (44.4 )     1,186.4       368.9  

Less: Comprehensive loss attributable to noncontrolling interests

    1.0       1.2       1.0       2.5  

Comprehensive income (loss) attributable to Verisk

  $ 157.4     $ (43.2 )   $ 1,187.4     $ 371.4  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

 

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For The Three Months Ended September 30, 2023 and 2022

 

  

Common Stock Issued

  

Par Value

  

Additional Paid-in Capital

  

Treasury Stock

  

Retained Earnings

  

Accumulated Other Comprehensive Income/(Loss)

  

Total Verisk Stockholders' Equity

  

Noncontrolling Interests

  

Total Stockholders’ Equity

 
  

(in millions, except for share data)

 

Balance, July 1, 2023

  544,003,038  $0.1  $2,367.7  $(8,273.3) $6,153.8  $45.7  $294.0  $11.8  $305.8 

Net income

              187.4      187.4      187.4 

Other comprehensive income

                 (31.0)  (31.0)  (1.1)  (32.1)

Investment in noncontrolling interests

                 1.1   1.1      1.1 

Common stock dividend (1)

              (49.4)     (49.4)     (49.4)

Treasury stock acquired (208,422 shares)

           (49.8)        (49.8)     (49.8)

Excise tax associated with share repurchases

           (0.2)        (0.2)     (0.2)

Stock options exercised (175,154 shares transferred from treasury stock)

        15.6   3.7         19.3      19.3 

RSAs lapsed (1,506 shares transferred from treasury stock)

                           

Stock-based compensation expense

        12.4            12.4      12.4 

Net share settlement from RSAs (952 shares withheld for tax settlement)

        (0.2)           (0.2)     (0.2)

Other stock issuances (5,714 shares transferred from treasury stock)

        0.7   0.2         0.9      0.9 

Balance, September 30, 2023

  544,003,038  $0.1  $2,396.2  $(8,319.4) $6,291.8  $15.8  $384.5  $10.7  $395.2 
                                     

Balance, July 1, 2022

  544,003,038  $0.1  $2,707.1  $(5,517.4) $5,845.5  $(683.4) $2,351.9  $18.1  $2,370.0 

Net income

              189.4      189.4   0.1   189.5 

Other comprehensive loss

                 (232.2)  (232.2)  (1.2)  (233.4)

Investment in noncontrolling interest

        0.5         (0.5)         

Common stock dividend (1)

              (48.8)     (48.8)     (48.8)

Treasury stock acquired (1,603,586 shares)

           (300.0)        (300.0)     (300.0)

Stock options exercised (171,481 shares transferred from treasury stock)

        13.9   2.6         16.5      16.5 

RSAs lapsed (3,061 shares transferred from treasury stock)

                           

Stock-based compensation expense

        11.3            11.3      11.3 

Net share settlement from RSAs (2,747 shares withheld for tax settlement)

        (0.4)           (0.4)     (0.4)

Other stock issuances (13,964 shares transferred from treasury stock)

        1.1   0.2         1.3      1.3 

Balance, September 30, 2022

  544,003,038  $0.1  $2,733.5  $(5,814.6) $5,986.1  $(916.1) $1,989.0  $17.0  $2,006.0 

_______________

(1) Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For The Nine Months Ended September 30, 2023 and 2022

 

  

Common Stock Issued

  

Par Value

  

Additional Paid-in Capital

  

Treasury Stock

  

Retained Earnings

  

Accumulated Other Comprehensive (Losses)/Income

  

Total Verisk Stockholders' Equity

  

Noncontrolling Interests

  

Total Stockholders’ Equity

 
  

(in millions, except for share data)

 

Balance, January 1, 2023

  544,003,038  $0.1  $2,720.8  $(6,239.5) $5,999.1  $(731.2) $1,749.3  $18.4  $1,767.7 

Net income

              440.6     $440.6      440.6 

Other comprehensive income

                 745.8   745.8   (1.2)  744.6 

Investment in noncontrolling interests

        (3.9)        1.2   (2.7)  (6.5)  (9.2)

Common stock dividend (1)

              (147.9)     (147.9)     (147.9)

Treasury stock acquired (11,111,210 shares)

        37.5   (2,588.6)        (2,551.1)     (2,551.1)

Excise tax associated with share repurchases

           (18.3)        (18.3)     (18.3)

Share repurchases via accelerated share repurchase program not yet settled

        (500.3)  500.3                

Stock options exercised (1,224,259 shares transferred from treasury stock)

        109.4   24.1         133.5      133.5 

PSUs lapsed (27,771 shares transferred from treasury stock)

        (0.4)  0.4                

RSAs lapsed (101,292 shares transferred from treasury stock)

        (1.7)  1.7                

Stock-based compensation expense

        46.3            46.3      46.3 

Net share settlement from RSAs (76,118 shares withheld for tax settlement)

        (14.0)           (14.0)     (14.0)

Other stock issuances (22,006 shares transferred from treasury stock)

        2.5   0.5         3.0      3.0 

Balance, September 30, 2023

  544,003,038  $0.1  $2,396.2  $(8,319.4) $6,291.8  $15.8  $384.5  $10.7  $395.2 
                                     

Balance, January 1, 2022

  544,003,038  $0.1  $2,608.7  $(4,638.1) $5,240.4  $(394.6) $2,816.5  $26.0  $2,842.5 

Net income

              892.8      892.8   0.3   893.1 

Other comprehensive loss

                 (520.4)  (520.4)  (2.7)  (523.1)

Investment in noncontrolling interest

        (0.5)        (1.1)  (1.6)  (6.6)  (8.2)

Common stock dividend (1)

              (147.1)     (147.1)     (147.1)

Treasury stock acquired (6,217,296 shares)

           (1,196.3)        (1,196.3)     (1,196.3)

Stock options exercised (1,205,559 shares transferred from treasury stock)

        94.0   17.1         111.1      111.1 

PSUs lapsed (49,803 shares transferred from treasury stock)

        (0.6)  0.6                

RSAs lapsed (118,350 shares transferred from treasury stock)

        (1.6)  1.6                

Stock-based compensation expense

        50.2            50.2      50.2 

Net share settlement from RSAs (98,321 shares withheld for tax settlement)

        (20.4)           (20.4)     (20.4)

Other stock issuances (33,963 shares transferred from treasury stock)

        3.7   0.5         4.2      4.2 

Balance, September 30, 2022

  544,003,038  $0.1  $2,733.5  $(5,814.6) $5,986.1  $(916.1) $1,989.0  $17.0  $2,006.0 

_______________

(1) Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2023

  

2022

  

2023

  

2022

 
  

(in millions)

 

Cash flows from operating activities:

                

Net income

 $187.4  $189.5  $440.6  $893.1 

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation and amortization of fixed assets

  48.1   51.7   139.2   151.1 

Amortization of intangible assets

  19.6   36.6   56.1   121.0 

Amortization of debt issuance costs and original issue discount, net of original issue premium

  0.4   0.2   1.0   0.9 

Provision for doubtful accounts

  3.4   1.5   8.9   4.4 

Loss (gain) on sale of assets

     7.8   135.3   (427.4)

Impairment of cost-based investments

        6.5    

Stock-based compensation expense

  12.4   11.3   46.3   50.2 

Impairment of long-lived assets

           73.7 

Deferred income taxes

  (9.2)  (11.9)  (25.9)  (61.3)

Loss on disposal of fixed assets

  2.4   0.1   2.3   0.8 

Acquisition related liability adjustment

        (22.0)   

Changes in assets and liabilities, net of effects from acquisitions:

                

Accounts receivable

  22.9   21.0   (104.3)  (82.3)

Prepaid expenses and other assets

  0.6   6.0   (36.8)  (11.5)

Operating lease right-of-use assets, net

  8.5   16.6   21.4   35.3 

Income taxes

  5.5   24.9   13.5   2.3 

Accounts payable and accrued liabilities

  38.3   36.4   37.4   (27.2)

Deferred revenues

  (43.6)  (93.4)  131.1   134.3 

Operating lease liabilities

  (8.1)  (18.0)  (21.2)  (38.2)

Other liabilities

  (38.5)  (0.1)  (21.1)  (9.2)

Net cash provided by operating activities

  250.1   280.2   808.3   810.0 

Cash flows from investing activities:

                

Acquisitions and purchase of additional controlling interest, net of cash acquired of $0.0, $0.0, $8.0, and $17.4, respectively

        (83.3)  (448.9)

Proceeds from sale of assets

        3,066.4   1,073.3 

Investments in nonpublic companies

  (0.9)  (2.1)  (1.7)  (43.9)

Capital expenditures

  (54.3)  (65.8)  (173.7)  (195.0)

Escrow funding associated with acquisitions

        (3.8)  (2.3)

Other investing activities, net

  (0.1)     (0.4)   

Net cash (used in) provided by investing activities

  (55.3)  (67.9)  2,803.5   383.2 

Cash flows from financing activities:

                

Proceeds from issuance of long-term debt, net of original issue discount

        495.2    

Payment of debt issuance costs

  0.7      (6.0)   

Proceeds (repayment) of short-term debt

     290.0   (1,265.0)  330.0 

Repayment of long-term-debt

     (350.0)     (350.0)

Repayment of short-term debt with original maturities greater than three months

        (125.0)   

Proceeds from issuance of short-term debt with original maturities less than three months

           125.0 

Repurchases of common stock

  (49.8)  (300.0)  (2,049.8)  (1,196.3)

Share repurchases not yet settled

        (500.0)   

Proceeds from stock options exercised

  19.4   18.6   134.3   111.6 

Net share settlement of taxes from restricted stock and performance share awards

  (0.3)  (0.4)  (14.0)  (20.4)

Dividends paid

  (49.2)  (48.6)  (147.9)  (147.2)

Other financing activities, net

  (10.4)  (9.4)  (13.2)  (13.5)

Net cash used in financing activities

  (89.6)  (399.8)  (3,491.4)  (1,160.8)

Effect of exchange rate changes

  2.9   (16.4)  3.7   (35.9)

Net increase in cash and cash equivalents

  108.1   (203.9)  124.1   (3.5)

Cash and cash equivalents, beginning of period

  308.7   480.7   292.7   280.3 

Cash and cash equivalents, end of period

 $416.8  $276.8  $416.8  $276.8 

Supplemental disclosures:

                

Income taxes paid

 $66.0  $42.6  $210.9  $264.4 

Interest paid

 $8.5  $13.7  $60.9  $74.3 

Noncash investing and financing activities:

                

Deferred tax (asset) liability established on date of acquisition

 $(1.4) $  $8.9  $16.5 

Net assets sold as part of the disposition

 $  $  $3,211.8  $607.4 

Finance lease additions

 $30.6  $1.4  $43.7  $4.9 

Operating lease additions, net

 $3.6  $7.6  $29.4  $15.9 

Fixed assets included in accounts payable and accrued liabilities

 $(0.2) $0.2  $